Reps fault 2022 budget deficit, debt servicing, borrowing
Members of the House of Representatives on Wednesday called for the review of some parameters in the 2022 proposed budget to reflect present realities. They spoke during budget debate shortly after the appropriation bill was passed for a second reading. Northern groups tackle Osinbajo over naira devaluation Pandora: Secret deal between Sambo Dasuki’s family, […]
House of Representatives
Members of the House of Representatives on Wednesday called for the review of some parameters in the 2022 proposed budget to reflect present realities.
They spoke during budget debate shortly after the appropriation bill was passed for a second reading.
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Luke Onofiok said the oil price benchmark of $57 per barrel was too low in view of the global oil price of over $80per barrel, saying it should be increased to at least $60 per barrel.
He also said the N3.9trn debt servicing in the proposed budget was outrageous, just as he decried the deficit of N6.2trn in the proposed budget.
Leke Abejide said continued borrowing was a major concern just as he said the oil production benchmark of 1.8mbpd was not realistic.
Chairman, House Committee on Works, Kabir Abubakar, stressed the need for standing committees to investigate how the funds allocated to various intervention programmes are utilized.
He also urged for upward review of proposed funds for road projects in the proposed budget to about N500bn.
House Leader Alhassan Doguwa applauded the Presidency for ongoing efforts towards sustaining the January-December budget cycle and improved infrastructure.
Minority Leader Ndudi Elumelu asked the house to ensure all the standing committees compile the list of erring Ministries, Departments and Agencies that failed to implement the capital projects despite the release of about 70 per cent fund in the 2020 Appropriation Act.
Lawmakers also called for an upward review of the N50bn hazard allowances allocated for doctors in the proposed budget presented to the National Assembly.